Torrid Holdings Inc. (CURV): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do varejo de moda, a Torrid Holdings Inc. (CURV) conquistou um nicho notável ao revolucionar a moda de tamanho grande, transformando o que antes era um segmento de mercado negligenciado em uma poderosa experiência de compra orientada a confiança. Esta empresa inovadora projetou magistralmente um modelo de negócios que vai além do varejo tradicional, criando um ecossistema abrangente que celebra a positividade do corpo, a inclusão e o estilo para mulheres de 10 a 30. Ao misturar perfeitamente a inovação digital, as parcerias estratégicas e um profundo entendimento de seu mercado-alvo, a Torrid emergiu como uma marca pioneira que não apenas vende roupas, mas capacita seus clientes através de roupas de moda, confortáveis ​​e tendências.

Torrid Holdings Inc. (CURV) - Modelo de negócios: Parcerias -chave

Fabricantes de vestuário e moda

Torrid colabora com os seguintes fabricantes importantes:

Fabricante	Detalhes da parceria	Volume anual de produção
Li & FUNG LIMITED	Parceiro global da cadeia de suprimentos	Aproximadamente 250.000 unidades de vestuário por ano
TAL APAREL LIMITED	Produção de roupas plus size	Estimado 180.000 unidades de vestuário anualmente

Fornecedores de roupas em tamanho grande

Os principais relacionamentos de fornecedores incluem:

• Kellwood Clothing Company
• Holdings de vestuário genuíno
• NYDJ APAREL

Plataformas de tecnologia de comércio eletrônico

Parceiros de infraestrutura digital da Torrid:

Plataforma	Serviço prestado	Valor anual da transação
Shopify Plus	Plataforma de comércio eletrônico	US $ 85,4 milhões em vendas on -line (2023)
Adobe Commerce	Tecnologia de back -end	Suportando 2,3 milhões de transações online

Parceiros de processamento de pagamentos

Colaborações de transações financeiras:

• Listra: Processando pagamentos online
• PayPal: métodos de pagamento alternativos
• Klarna: Compre agora, pague os serviços posteriores

Agências de marketing digital e publicidade

Detalhes da parceria de marketing:

Agência	Foco de marketing	Gastos anuais de marketing
Performics	Marketing de desempenho digital	US $ 4,2 milhões
Razorfish	Estratégia de marca e campanhas digitais	US $ 3,7 milhões

Torrid Holdings Inc. (CURV) - Modelo de negócios: Atividades -chave

Projetando moda feminina de tamanho grande

Torrid reportou 488 locais no total de lojas em janeiro de 2024. A empresa projeta moda exclusivamente para os tamanhos 10-30, com um portfólio anual de design de aproximadamente 1.200 itens de roupas exclusivos.

Categoria de design	Volume anual de produção	Ciclo médio de projeto
Vestuário de tamanho grande	1.200 itens exclusivos	4-6 Coleções sazonais

Operações de varejo omnichannel

O Torrid opera através de vários canais de vendas com distribuição precisa:

• Lojas físicas: 488 locais
• Plataforma de comércio eletrônico: gerando 38,7% da receita total
• Crescimento das vendas digitais: 12,3% ano a ano

Marketing digital e engajamento do cliente

As despesas de marketing para 2023 foram de US $ 42,6 milhões, representando 8,9% da receita total.

Canal de marketing	Métricas de engajamento	Gasto anual
Mídia social	2,1 milhões de seguidores	US $ 18,3 milhões
Publicidade digital	3,4 milhões de impressões mensais	US $ 24,2 milhões

Gerenciamento e distribuição de inventário

Torrid mantém 3 centros de distribuição primários com espaço total de armazém de 620.000 pés quadrados.

• Taxa de rotatividade de estoque: 4,2x anualmente
• Valor médio de inventário: US $ 86,4 milhões
• Eficiência operacional logística: 94,6% de precisão do pedido

Desenvolvimento de produtos e previsão de tendências

Investimento anual de pesquisa e desenvolvimento de produtos: US $ 12,7 milhões.

Área de foco em P&D	Investimento	Taxa de inovação de produtos
Inovação de design	US $ 7,2 milhões	62 novos estilos por coleção
Integração de tecnologia	US $ 5,5 milhões	3 tecnologias de ajuste digital

Torrid Holdings Inc. (CURV) - Modelo de negócios: Recursos -chave

Extenso inventário de roupas de tamanho grande

No quarto trimestre 2023, a Torrid Holdings manteve um inventário avaliado em US $ 74,3 milhões. A empresa oferece aproximadamente 1.200 estilos de roupas exclusivos em várias categorias de produtos.

Categoria de inventário	Número de SKUs	Valor do inventário
Vestuário	750	US $ 42,6 milhões
Acessórios	250	US $ 15,2 milhões
Calçados	200	US $ 16,5 milhões

Forte reconhecimento de marca

Torrid possui 606 lojas de varejo nos Estados Unidos em 31 de dezembro de 2023. A marca atende a aproximadamente 2,5 milhões de clientes ativos.

Infraestrutura de varejo digital e físico

• 606 locais de varejo físico
• Plataforma de comércio eletrônico gerando US $ 368,9 milhões em receita on-line em 2023
• Capacidades omnichannels que suportam experiências de compras na loja e on-line

Equipe experiente de design e merchandising

A empresa emprega aproximadamente 120 profissionais de design e merchandising com uma experiência média do setor de 8,5 anos.

Recursos de dados e análises do cliente

Métrica de dados	Valor
Banco de dados total do cliente	2,5 milhões de clientes ativos
Valor médio de vida útil do cliente	$625
Taxa de retenção de clientes	48%

Torrid Holdings Inc. (CURV) - Modelo de negócios: proposições de valor

Moda inclusiva para tamanhos 10-30

A Torrid oferece tamanhos de roupas que variam de 10 a 30, visando o segmento de mercado feminino de tamanho grande. A partir do quarto trimestre 2023, a empresa informou:

Faixa de tamanho	Cobertura de mercado	Porcentagem de segmento de clientes
10-30	Cobertura abrangente de tamanho grande	100% da linha de produtos

Roupas modernas e elegantes de tamanho grande

Estatísticas da linha de produtos para 2023:

Categoria	Número de estilos	Taxa anual de atualização
Estilos de roupas	750+	4 coleções sazonais

Vestuário confortável e que aumenta a confiança

• Classificação média de satisfação do cliente: 4.2/5
• Pontuação do promotor líquido (NPS): 62
• Taxa de retorno: 12,5%

Experiência de compra online e na loja

Canal	Porcentagem de vendas	Tráfego online
Comércio eletrônico	62%	3,2 milhões de visitantes mensais
Lojas físicas	38%	250+ locais de varejo

Posicionamento da marca positivo para o corpo

Métricas de marketing e engajamento da marca:

• Seguidores de mídia social: 1,5 milhão
• Parcerias de influenciadores: mais de 75 criadores positivos para o corpo
• Representação de diversidade em campanhas: 89%

Torrid Holdings Inc. (CURV) - Modelo de Negócios: Relacionamentos do Cliente

Recomendações personalizadas de estilo online

A partir do quarto trimestre 2023, a plataforma de estilo on -line da Torrid aproveita os dados do cliente com uma taxa de precisão de personalização de 78,3%. O algoritmo de recomendação processa mais de 2,4 milhões de perfis individuais de clientes.

Métrica de recomendação	Estatística de desempenho
Precisão de personalização	78.3%
Perfis de clientes analisados	2,400,000+
Taxa de conversão média	22.7%

Engajamento ativo da mídia social

Torrid mantém 5,2 milhões de seguidores de mídia social nas plataformas, com uma taxa média de envolvimento de 4,6%.

• Seguidores do Instagram: 3,1 milhões
• Seguidores de tiktok: 1,4 milhão
• Seguidores do Facebook: 700.000

Programa de fidelidade para clientes recorrentes

O programa de fidelidade Torrid Insider relatou 1,9 milhão de membros ativos em 2023, gerando US $ 287 milhões em receita recorrente de clientes.

Métrica do Programa de Fidelidade	2023 desempenho
Membros ativos	1,900,000
Repetir receita de clientes	$287,000,000
Gasto médio de membros	$151.05

Suporte ao cliente incluído por tamanho

Torrid fornece suporte ao cliente dedicado com um 98,2% Classificação de satisfação nos canais de serviço inclusivos de tamanho.

• Suporte de bate -papo online 24/7
• Serviços de consulta de tamanho
• Equipe de estilo de tamanho grande dedicado

Interações da marca orientadas pela comunidade

O envolvimento da comunidade gera 37,5% do conteúdo digital da Torrid, com o conteúdo gerado pelo usuário atingindo 2,8 milhões de impressões mensais.

Métrica de interação comunitária	Dados de desempenho
Impressões de conteúdo geradas pelo usuário	2.800.000/mês
Contribuição da geração de conteúdo	37.5%
Uso da hashtag da comunidade	425.000/ano

Torrid Holdings Inc. (CURV) - Modelo de Negócios: Canais

Site de comércio eletrônico

O Torrid.com reportou US $ 495,4 milhões em vendas líquidas direta ao consumo para o ano fiscal de 2022, representando 47,9% da receita total da empresa.

Métricas do site	2022 dados
Receita online anual	US $ 495,4 milhões
Porcentagem da receita total	47.9%
Visitantes mensais do site	3,2 milhões

Lojas de varejo físico

A Torrid opera 624 lojas de varejo nos Estados Unidos em 31 de dezembro de 2022.

Métricas da loja de varejo	2022 dados
Número total de lojas	624
Vendas de lojas	US $ 541,3 milhões
Porcentagem da receita total	52.1%

Aplicativo de compras móveis

Os downloads de aplicativos móveis atingiram 1,5 milhão no final de 2022, com 35% das vendas on -line geradas através de dispositivos móveis.

Métricas de aplicativos móveis	2022 dados
Downloads de aplicativos totais	1,5 milhão
Porcentagem de vendas móveis	35%

Plataformas de mídia social

• Seguidores do Instagram: 2,1 milhões
• Seguidores do Facebook: 1,8 milhão
• TIKTOK seguidores: 750.000

Mercados on-line de terceiros

A Torrid é vendida pela Amazon, com aproximadamente 12% das vendas digitais originárias de plataformas de terceiros em 2022.

Vendas de mercado	2022 dados
Vendas de plataforma de terceiros	12% da receita digital
Mercado primário	Amazon

Torrid Holdings Inc. (CURV) - Modelo de negócios: segmentos de clientes

Mulheres em tamanho grande de 18 a 45 anos

Demografia-alvo representando 68% da base principal de clientes da Torrid, com um gasto médio anual de US $ 1.247 em moda de tamanho grande.

Faixa etária	Percentagem	Gasto médio anual
18-25	22%	$892
26-35	28%	$1,345
36-45	18%	$1,589

Consumidores conscientes da moda

Segmento representando 42% da base de clientes da Torrid, com foco na moda orientada por tendências.

• Renda familiar média: US $ 65.400
• Taxa de engajamento online: 73%
• Despesas médias de moda mensal: US $ 387

Comunidade positiva para o corpo

Segmento demográfico compreendendo 35% da base de clientes da Torrid, enfatizando o dimensionamento e a representação inclusivos.

Métrica de engajamento da comunidade	Valor
Seguidores de mídia social	1,2 milhão
Taxa de fidelidade da marca	68%

Compradores online e na loja

Preferências de compras em vários canais com comportamentos de compra distintos.

Canal de compras	Porcentagem de vendas	Valor médio da transação
On-line	62%	$224
Na loja	38%	$187

Consumidores de moda do mercado intermediário

Segmento direcionando clientes preocupados com o preço que buscam moda de tamanho grande de qualidade.

• Preferência de faixa de preço: US $ 49 - US $ 249 por item
• Repita taxa de compra: 47%
• Gastes médios trimestrais de guarda -roupa: US $ 673

Torrid Holdings Inc. (CURV) - Modelo de negócios: estrutura de custos

Compras de inventário

No quarto trimestre 2023, a Torrid Holdings registrou custos totais de estoque de US $ 132,4 milhões. A estratégia de compras de inventário da empresa envolve:

• Custo dos bens vendidos (engrenagens): US $ 298,7 milhões no ano fiscal de 2023
• Taxa de rotatividade de inventário: 3,2x
• Período médio de retenção de inventário: 114 dias

Métricas de compras de inventário	Valor ($)
Valor total do inventário	US $ 132,4 milhões
Custos de compras de inventário	US $ 87,6 milhões

Operações e manutenção da loja

Despesas relacionadas à loja para participações tórridas no ano fiscal de 2023:

• Total de despesas operacionais da loja: US $ 214,3 milhões
• Número de locais de varejo: 624
• Custo médio de manutenção da loja por local: US $ 343.000 anualmente

Operações de loja quebram	Valor ($)
Aluguel e ocupação	US $ 92,1 milhões
Utilitários e manutenção	US $ 37,6 milhões

Despesas de marketing digital

Investimento de marketing digital para Holdings Torrid:

• Gastes de marketing digital total em 2023: US $ 45,2 milhões
• Marketing digital como porcentagem de receita: 7,8%
• Alocação de marketing de comércio eletrônico: US $ 22,7 milhões

Salários e benefícios dos funcionários

Despesas relacionadas à força de trabalho:

• Compensação total dos funcionários: US $ 186,5 milhões
• Salário médio de funcionários: US $ 47.300
• Número total de funcionários: 3.940

Categoria de custo do funcionário	Valor ($)
Salários da base	US $ 142,3 milhões
Benefícios e impostos sobre a folha de pagamento	US $ 44,2 milhões

Investimentos de tecnologia e infraestrutura

Despesas relacionadas à tecnologia:

• Investimento de tecnologia total: US $ 37,8 milhões
• Desenvolvimento da plataforma de comércio eletrônico: US $ 15,6 milhões
• Infraestrutura de TI e segurança cibernética: US $ 12,4 milhões

Categoria de investimento em tecnologia	Valor ($)
Software e sistemas	US $ 22,3 milhões
Hardware e infraestrutura	US $ 15,5 milhões

Torrid Holdings Inc. (CURV) - Modelo de negócios: fluxos de receita

Vendas on -line diretas

No ano fiscal de 2023, a receita digital de Torrid foi de US $ 353,1 milhões, representando 44,5% do total de vendas líquidas. O canal de vendas on -line inclui torrid.com e aplicativos móveis.

Métrica de vendas on -line	2023 valor
Receita digital total	US $ 353,1 milhões
Porcentagem de vendas líquidas totais	44.5%

Compras de varejo na loja

As lojas de varejo físicas geraram US $ 439,7 milhões em vendas líquidas durante o ano fiscal de 2023, representando 55,5% da receita total da empresa.

Métrica de vendas de lojas de varejo	2023 valor
Receita total na loja	US $ 439,7 milhões
Número de locais de varejo	624 lojas

Serviços de assinatura e estilo

Torrid oferece um programa de fidelidade com detalhes específicos da geração de receita:

• Membros do Programa de Fidelidade Total: 4,3 milhões
• Contribuição da receita do programa de fidelidade: aproximadamente 30% do total de vendas

Acessórios e vendas complementares de produtos

As categorias de produtos complementares incluem:

• Sugestões e roupas de dormir
• Calçados
• Acessórios

Categoria de produto	Contribuição da receita
Sugestões	US $ 87,2 milhões
Calçados	US $ 62,5 milhões
Acessórios	US $ 41,3 milhões

Parcerias por atacado

A Torrid gera receita adicional através de canais atacadistas, embora a receita específica de parceria não tenha sido divulgada nas demonstrações financeiras públicas.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Value Propositions

You're looking at the core reasons why the customer chooses Torrid Holdings Inc. over competitors in the plus-size market, which is a segment they dominate by focusing on a specific fit and fashion level for sizes 10 to 30. This isn't just about selling clothes; it's about delivering a specific, non-negotiable product attribute.

Fashion-forward apparel and accessories for women sizes 10 to 30

Torrid Holdings Inc. designs and sells a diverse assortment of apparel, intimates, and accessories exclusively for women wearing US sizes 10 to 30. This focus is the foundation of their entire operation. While the company navigates macroeconomic pressures, the strategic direction remains fixed on this customer base. For the full fiscal year 2025, Torrid Holdings Inc. has guided net sales to be between $995 million and $1.002 billion. This revenue base is supported by a commitment to product innovation within this size range.

Superior, consistent fit that is a necessity, not a luxury

The primary differentiator is the fit. Torrid Holdings Inc. designs almost all products in-house, specifically engineering them for consistency across categories like denim, dresses, and their highly-regarded bra collections. Customers recognize this effort; they are willing to pay a premium for a product that consistently delivers on fit and quality, which reduces the need for deep promotional discounting. This focus on quality is critical to maintaining their Adjusted Gross Margin, which was reported at 34.9% in the challenging third quarter of fiscal 2025.

Message of body positivity, inclusivity, and confidence-building

The brand message centers on empowerment, which translates into high customer engagement. To be fair, this connection is deep; 95% of customers are engaged in their loyalty program, which is a massive base for direct communication. While the core customer base has seen an age progression, the average customer age has increased from 35 to 42 since 2018, showing the brand's longevity with its initial cohort while new initiatives target younger demographics.

Strategic introduction of opening price point products for value

To balance the premium fit proposition with value perception, Torrid Holdings Inc. is strategically introducing opening price point products. This isn't a race to the bottom; it's a calculated move to broaden appeal and drive volume. The financial expectation tied to this strategy is clear: the company anticipates a benefit of 150 to 250 basis points of EBITDA margin expansion in fiscal year 2026, driven in part by this opening price point strategy, alongside core product restoration.

Diverse sub-brands to target specific lifestyle concepts

Torrid Holdings Inc. is actively using sub-brands to introduce newness and target specific lifestyle concepts, which is a major focus for future growth. They rolled out three new sub-brands: Festi, Nightfall, and Retro Chic. This strategy is expected to be significant; sub-brands are projected to make up 25% to 30% of the total product assortment in the next fiscal year (2026). For the current fiscal year 2025, sub-brands accounted for approximately 7% to 10% of the receipt investment, signaling an acceleration planned for the near term.

Here's a quick look at the financial context supporting these value drivers as of late 2025:

Metric	Value (FY 2025 Data)	Context/Source
Target Customer Size Range	US Sizes 10 to 30	Core design parameter
FY 2025 Net Sales Guidance (Latest)	$995 million to $1.002 billion	Full Year Guidance
Q3 2025 Net Sales	$235.2 million	Third Quarter Actual
FY 2025 Store Closures Target	Up to 180 stores	Fleet optimization strategy
Total Store Count (End Q3 2025)	560 stores	Current physical footprint
Loyalty Program Penetration	95% of customers	Customer engagement metric
Projected Sub-Brand Assortment Share (FY 2026)	25% to 30%	Future product architecture goal

The company's operational adjustments, like closing up to 180 stores in fiscal 2025 to align with digital demand, are designed to fund these value propositions, with 74 stores closed year-to-date as of Q3 2025. The digital channel is a key component, approaching 70% of total demand.

You should definitely track the Q4 2025 results to see if the corrective actions mentioned by the CEO are translating into better assortment balance and margin recovery, especially given the Q3 2025 Adjusted EBITDA margin was only 4.2%.

Finance: draft 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Customer Relationships

You're looking at how Torrid Holdings Inc. keeps its customer base engaged while rapidly shifting its physical footprint. The focus here is heavily on digital integration and maximizing the value of every existing relationship, especially as the store count shrinks.

High-value, data-driven loyalty program (Torrid Insider)

The Torrid Insider program is central to managing the customer base, acting as the primary mechanism for data capture and targeted interaction. Honestly, the penetration rate is quite high, which gives them a solid foundation for personalized outreach.

• 95% of customers are engaged in the loyalty program as of Q3 2025.
• The program is a critical tool for driving frequency and retention.
• Sub-brands are designed to attract new customers and reactivate lapsed ones.

Here's a quick look at the key relationship and channel metrics as of late 2025:

Metric	Value	Context
Loyalty Program Enrollment	95%	Customer engagement rate as of Q3 2025.
Targeted Store Closures (FY2025)	Up to 180	Part of the fleet optimization strategy.
Customer Retention Goal (Post-Closure)	At least 60%	Targeted retention rate for customers from closed stores.
Digital Demand Penetration (Current)	Approaching 70%	Online sales as a percentage of total demand.
Digital Marketing Reinvestment (H2 2025)	$5 million increase	Incremental spend to support customer acquisition.

Personalized digital marketing and communication

With digital sales approaching 70% of total demand, the communication strategy is naturally leaning hard into personalized digital channels. They are actively reinvesting to capture more of that online revenue stream. The long-term vision is clear: a demand mix of 75% online and 25% in-store.

To support this shift, Torrid Holdings increased its digital and influencer marketing spend by $5 million in the second half of 2025, pushing the total investment for the fiscal year to approximately 6% of net sales.

Empathetic and knowledgeable in-store sales associates

While direct data on associate knowledge isn't in the financials, the strategy for the remaining physical footprint emphasizes omnichannel success. The focus is on strengthening customer relationships across all touchpoints, which means the remaining stores and associates must be highly effective at migrating customers to nearby locations or digital channels. The success of retaining customers from closed locations validates this omnichannel approach.

Customer retention efforts for closed store migration

The store optimization plan, targeting up to 180 closures in Fiscal 2025, hinges on successful customer migration. The company's objective is to retain at least 60% of customers from the stores that are shutting down. Management noted that retention trends from the 2025 closures were outperforming fiscal 2024, with a greater share of those customers moving to the online platform. As of Q3 2025, they had closed 74 stores year-to-date, ending the quarter with 560 locations.

This retention strategy is supported by enhanced communication plans designed to successfully migrate customers.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Channels

You're looking at how Torrid Holdings Inc. gets its product-stylish apparel, intimates, and accessories for women sizes 10 to 30-into the hands of its North American customer base as of late 2025. This is a brand built on a direct-to-consumer (DTC) foundation, which means they control the customer experience from design to final sale, primarily through two major avenues.

The primary engine for demand is the digital storefront. Management has been focused on this area, with the e-commerce platform approaching 70% of total demand. This digital focus is supported by a mobile application, which is a key touchpoint for engaging the customer base, especially those in the loyalty program.

The physical footprint is undergoing a significant recalibration. The network of physical retail stores is being optimized to better align with current demand patterns. As of the end of Q3 2025, Torrid Holdings Inc. operated 560 locations. This number reflects an active optimization strategy, with the company having closed 74 stores year-to-date in fiscal 2025, and planning up to 180 closures by year-end to streamline the physical presence.

The overall model is explicitly a direct-to-consumer (DTC) model across North America. This structure is supported by technology and community engagement, including social media channels used for brand building and customer interaction.

Here's a quick look at the channel metrics as reported for the third quarter of fiscal 2025:

Channel Component	Q3 2025 Financial/Statistical Data	Context/Notes
E-commerce Platform Share	Approaching 70%	Targeted share of total demand.
Physical Retail Stores	560 locations	Total store count at the end of Q3 2025.
Store Optimization Activity	Closed 74 stores YTD	Part of a strategy to close up to 180 stores by year-end.
Digital Sales Performance	Comparable sales decreased 8.3%	Reflects performance across both e-Commerce and stores open for 15 full fiscal months.
Q3 Net Sales (Total)	$235.2 million	Total revenue for the three months ended November 1, 2025.

You should keep an eye on how the store optimization plan impacts the overall sales mix. The goal is to shift resources to the higher-performing digital channels while maintaining a productive physical presence.

• E-commerce platform: The core revenue driver, supported by the mobile application.
• Physical retail stores: Undergoing a reduction to 560 locations as of Q3 end, with plans for up to 180 closures in fiscal 2025.
• Mobile application and social media channels: Used for customer acquisition, loyalty engagement, and brand building.
• Direct-to-consumer (DTC) model: The overarching structure covering all sales across North America.

The company is also focusing on product architecture to support these channels, planning for approximately 30% of the assortment offering to be at opening price points moving into 2026.

Finance: draft 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Torrid Holdings Inc. as of late 2025, which is a segment that has been both resilient and challenging lately. The company is fundamentally focused on women in North America who wear US sizes 10 to 30.

The overall market size for the Plus-Size Women's Clothing Stores industry in the United States is estimated to reach $13.3 billion in 2025. Torrid Holdings Inc. itself has trailing twelve month revenue near $1.04 billion.

Here is a breakdown of the key customer groups shaping the strategy:

• Core plus-size women (US sizes 10-30) seeking fashion and fit: This is the foundational segment, the entire focus of the brand.
• High-value, loyal customers with high purchase frequency: This group is critical, yet recent performance showed a pullback; in the third quarter of fiscal 2025, the most loyal customers reduced their frequency and purchase fewer tops. The company is trying to re-engage them with an opening price point strategy, aiming for those categories to be close to 30% of sales by the first quarter of next year.
• Younger, trend-aware customers targeted by new sub-brands: Sub-brands like Festi, Nightfall, and Retro Chic are specifically designed to attract new and younger demographics, with new customers averaging in the mid-30s in age. These sub-brands are on track to deliver approximately $80 million in sales for fiscal 2025 and are planned to represent nearly a third of the business by 2026.
• Customers migrating from closed physical stores to digital channels: The company is actively optimizing its retail footprint, planning to close up to 180 stores in fiscal 2025. As of the end of the third quarter of fiscal 2025, 74 stores had closed year-to-date, leaving 560 locations. The success of this migration is supported by a historical customer retention rate of approximately 60% from closed locations.

The overall shift to digital is significant; online demand is now approaching 70% of total sales, with a long-term target of a 75% online and 25% in-store demand mix. This digital dominance is supported by a highly engaged base, with 95% of customers participating in the loyalty program.

Here's a quick look at the recent channel mix and store footprint changes:

Metric	Value (Late 2025)	Context/Period
Digital Sales Penetration	Approaching 70%	Total Demand (Q1 2025)
Targeted Store Closures	Up to 180	Fiscal Year 2025 Plan
Stores Closed Year-to-Date	74	As of Q3 2025 End
Total Store Count	560	End of Q3 2025
Customer Retention from Closures	Approximately 60%	Historical/Current Rate
Loyalty Program Engagement	95%	Of Customers
Sub-Brand Sales Contribution	Approximately $80 million	FY2025 Sales Target

The company is actively trying to balance the pull-back from its most established customers with the acquisition of younger shoppers via sub-brands, while simultaneously reducing its physical footprint to align with where demand is actually occurring. Finance: draft the 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Torrid Holdings Inc. business as of late 2025. The focus here is on how they are structurally managing expenses, especially with the ongoing store optimization plan.

The largest variable cost is definitely the Cost of Goods Sold (COGS), which covers merchandise and freight. For the third quarter ended November 1, 2025, Net Sales were $235.2 million.

Here's a quick look at the key profitability metrics from that quarter, which directly inform the COGS calculation:

Metric	Q3 2025 Amount	Q3 2024 Amount
Net Sales	$235.2 million	$263.8 million
Gross Profit	$82.2 million	$95.2 million
Gross Margin	34.9%	36.1%

Based on those numbers, the inferred Cost of Goods Sold (merchandise and freight) for Q3 2025 was approximately $153.0 million ($235.2 million in sales minus $82.2 million in gross profit). The lower gross margin, at 34.9%, reflected higher promotions and deleverage from the lower sales base.

Store operating expenses are being actively managed through the fleet optimization. Torrid Holdings ended the third quarter with 560 stores.

The Selling, General, and Administrative (SG&A) expenses show the structural cost-cutting in action. For the third quarter, SG&A was $66.3 million, down from $74.9 million a year ago. That's a 11.5% year-over-year reduction in SG&A, which is a direct result of the store optimization initiative and a broader shift toward a more efficient, variable cost structure. This discipline allowed SG&A to leverage 30 basis points to 28.2% of net sales for the quarter.

Looking ahead, the company has specific guidance for capital investment and known external cost pressures:

• Capital expenditures are projected to be in the range of $13 million to $15 million for fiscal 2025, with this spending strategically focused on technology and infrastructure enhancements.
• The net tariff cost exposure for fiscal 2025 is estimated to be approximately $10 million, after the company mitigated $40 million of the total expected $50 million tariff impact through sourcing actions and expense reductions.

Finance: draft 13-week cash view by Friday.

Torrid Holdings Inc. (CURV) - Canvas Business Model: Revenue Streams

You're looking at how Torrid Holdings Inc. actually brings in the money, which is pretty straightforward: it's all about selling apparel, intimates, and accessories to the plus-size customer.

The core of the revenue is Net sales from apparel, intimates, and accessories, which is the entire product offering. To give you a snapshot of where things stood mid-year, Torrid Holdings Inc. reported net sales of $262.8 million for the second quarter of fiscal 2025.

The big story here is the channel shift. E-commerce sales are the dominant and growing revenue source. Honestly, digital is where the customer prefers to shop now. As of the first quarter of fiscal 2025, digital sales were already approaching 70% of total demand. The company is actively accelerating this transformation to be more digitally-led, with a long-term goal for a demand mix of 75% online and 25% in store.

Conversely, physical retail store sales are declining as the fleet is optimized. This isn't a guess; it's a deliberate strategy to reduce fixed costs. Torrid Holdings Inc. planned to close up to 180 underperforming stores in fiscal 2025. The goal is to reallocate resources to the digital channel while retaining the customer base; they noted an average customer retention rate of 60% in markets affected by closures. It's a clear move away from physical footprint dependency.

Here's a look at the latest official financial expectations for the full fiscal year 2025, based on the most recent updates from the second quarter call:

Financial Metric	Latest Full-Year Fiscal 2025 Guidance
Net Sales	Between $1.015 billion and $1.030 billion
Adjusted EBITDA	Between $80 million and $90 million

You can see the guidance for the full year reflects the mid-year performance and the ongoing strategy. For instance, the Q2 Adjusted EBITDA came in at $21.5 million, representing an 8.2% margin. The company is also managing external pressures; the total expected tariff impact for fiscal 2025 is approximately $15 million, with 80% of that cost mitigated.

The revenue streams are being shaped by these strategic actions:

• Net sales from core product categories: apparel, intimates, and accessories.
• E-commerce sales, which are the primary driver, nearing 70% of total demand.
• Physical store sales, actively being reduced via a store optimization plan targeting up to 180 closures in 2025.
• Revenue is also influenced by the temporary pause in the fully China-sourced shoe offerings, expected to cause a revenue loss of approximately $40 million to $45 million for 2025.

Finance: review the Q3 forecast against the updated FY2025 guidance by next Tuesday.